ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the concert
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the price of the ticket to the concert
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the shirt
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the time spent purchasing the ticket
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Detailed explanation-1: -The opportunity cost of attending the concert could be rest taken, time spent with family at home. The opportunity cost will be the time foregone spent at home instead of time for reaching the concert and then attending the concert and the time to reach home afterward.
Detailed explanation-2: -What are some other examples of opportunity cost? A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else.
Detailed explanation-3: -The correct answer is Option b. It is an example of opportunity cost where money is saved instead of spending it on leisure activities such as a vacation. Opportunity cost represents a foregone or given up on making a choice.
Detailed explanation-4: -Money: Money is an important factor in any decisions where financial considerations are necessary. Time: Another important factor is time, which is an important resource that many individuals forget about when measuring opportunity costs. More items •05-May-2022